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What are the equilibrium price and quantity

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Reference no: EM132243949

Physician Supply: The supply of physician office visits is given by QS=40P-1000, and demand for physician office visits is QD=6000-60P.

a. If the market is perfectly competitive, what are the equilibrium price and quantity?

b. Suppose there is an entry barrier that prevents new physicians from entering the market, which limits QS ≤ 1200. What is the market price given this entry barrier?

c. How much total welfare (consumer surplus + producer surplus) is lost because of the entry barrier?

Reference no: EM132243949

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